Nov. 30, 2023 By Ethan Marshall
Among the 100 zip codes in the United States with the most expensive rental units in 2023, New York City accounts for 39 of them, according to a report by the real estate firm RentHop. Manhattan accounts for a majority of these ZIP codes, with 30 of them located within this borough.
Four New York City ZIP codes placed in the top 10: 10007 (Tribeca), 10282 (Battery Park City), 10001 (Chelsea and Hudson Yards) and 10069 (Upper West Side and Riverside Park South). Tribeca’s ZIP code ranked as the sixth-most expensive for renters in the country. It rose four spots from the previous year, due in large part to a 3.6% increase year-over-year in the median two-bedroom rent, which now stands at $8,700 per month. The median rent for one-bedroom units there stands at $6,000.
Battery Park City is ranked right behind Tribeca. The median rent for two-bedroom units there rose 1.7% year-over-year, up to $8,695. The median rent for one-bedroom units is also right behind that of Tribeca’s, at $5,995.
Other notable median rental prices for two-bedroom units are $7,995 in Chelsea and Hudson Yards and $7,892 in the Upper West Side and Riverside Park South. The median rental prices for one-bedroom units in these zip codes are $5,292 and $4,736 respectively.
While Manhattan is the least affordable borough in the city, Brooklyn is the second-least affordable, with seven of the city’s least affordable zip codes located there. Williamsburg’s ZIP code of 1149 was the most expensive in the borough and the 23rd-most expensive in the country. The median price of two-bedroom units there is $6,500. One-bedroom units have a median rent of $4,707.
The top 100 ZIP codes in the study account for just seven states, including 42 in New York, 30 in California and 15 in Florida. The city of Boston accounts for all five Massachusetts ZIP codes to make the list. Colorado and Connecticut are each represented on the list by three ZIP codes.
RentHop collected data for the report through its national rental database, which includes over 1.9 million active rental listings during the period between Jan. 1 and Nov. 15, 2023. The median rent for a two-bedroom and one-bedroom unit was found for every ZIP code in the country in order to produce the ranking. Results were sorted by two-bedroom price from most expensive to least. A ZIP code’s one-bedroom rent was used as a tie-breaker in the event of a tie between any particular ZIP code.
Only residential rental listings were used for this report. Sales or commercial rental listings were excluded from the analysis. Additionally, any listings with invalid ZIP codes, including single-building zips in New York City, were also excluded.